Credit Suisse announces 4,000 job cuts amid big Q4 loss

February 4, 2016 6:30 AM

4
0

GENEVA – Credit Suisse says it's cutting roughly 4,000 jobs to reduce costs after announcing a massive pre-tax loss in the fourth quarter that includes "substantial charges which are not reflective of our underlying business performance."

The Swiss banking giant posted a net loss of 5.3 billion Swiss francs ($5.3 billion), compared to a net profit 691 million francs a year earlier. It reported a pre-tax quarterly loss of 6.4 billion including a 3.8-billion-franc impairment charge linked to its acquisition of Donaldson, Lufkin & Jenre...